MI SB0450

Allows municipal health facilities corporations and subsidiary corporations in counties with populations between 45,000 and 60,000 to restructure as nonprofit corporations under the nonprofit corporation act.

Restructuring must be completed before June 30, 2018, and requires adoption of a restructuring plan including proposed articles of incorporation and bylaws compliant with nonprofit act requirements.

Requires prior majority approval from the county board of commissioners, city council, or village council, and prior approval from parent corporation board of trustees for subsidiary corporations.

Restructured corporations retain all liabilities, property rights, and obligations of the original corporation and are considered a continuation of the original entity with the same incorporation date.

Prohibits restructuring if it would impair any outstanding obligations, bonds, notes, or contracts of the corporation or subsidiary corporation.